Buying house is a dream of every individual, but achieving this dream is not that easy as it seems. Some people take bank loan when buying the house for themselves. But what Islam says about this? Does it permit it or not? This article will answer this question of yours.
House is the basic necessity of a person. You are blessed if you have your own home. So, every person tries to buy his/her own house at any cost. Someone tries to save money by buying house, someone borrows money from relatives. There is nothing wrong with these options these are halal. But then someone who is not in the position to save money and borrow from relatives then he or she decides to take a loan from the bank to buy own house. But many of them remain to confuse either it is halal to take the loan from a bank or not? So, no problem we are here to discuss it. And try to figure out the most authentic answer.
When you take a loan from the conventional bank they give you the loan on the interest basis. Or you can say they give you the loan on the Riba system. You have to give them the fixed rate of interest for the whole period of the loan or the whole age of loan. And when we hear the word of interest then obviously we should understand that this is not our type of interest. This is haram and prohibited by Islamic rules. To live in a rental house is more good rather than to live in own interest base loan house.
But everything has an alternative. So now we talk about another type of loan from the bank you can use while buying house. Non-conventional or Islamic banks grant interest-free loan which is called goodly loan or in simple language it is called qard-e-hasna. They just give you an interest-free loan. You have to return the actual amount loan neither less nor more. Their aims are to follow the Islamic rules. So if we take the goodly loan from a bank to buy the house then there is nothing wrong with it. Always keep your journey towards halal. ALLAH will definitely show His mercy in your favor.